FINANCIAL PLANNING SERVICES

Tax Minimisation Strategies

Throughout your professional or business journey, you’ll likely earn millions of dollars. Unfortunately, a significant portion of those earnings will also go towards taxes. Your hard-earned money deserves a smarter approach.

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Maximising your money through tax minimisation strategies

Tax minimisation strategies encompass a comprehensive set of tactics and approaches designed to legally and ethically reduce the amount of taxes an individual or business is obligated to pay. These strategies leverage the intricacies of Australian tax laws, regulations, and incentives to optimise your financial position.
These strategies could be as simple as putting more into super, or as complex as reorganising your business structures. Either way, a solid plan could help you retain more of your hard-earned money and save you thousands, or possibly millions, in future tax dollars.

Why you need a tax expert

Navigating the intricacies of taxes can be overwhelming, and the array of strategies to minimise them span a wide spectrum. There are likely many tax strategies that can be tailored to the unique circumstances that you are unaware of.
Just like you’d rely on a mechanic for your car or a medical expert for your health, an accountant is your tax specialist. They handle comprehensive strategic tax advice, from simple steps like maximising deductions on your tax return to securing your family’s financial future.

Minimise tax with Financial Spectrum

Our team of in-house chartered accountants is poised to streamline your financial matters effortlessly. From expert tax and business advisory to safeguarding your wealth through trusts and asset protection strategies, we cover it all.
As life shifts, our tax experts adapt strategies. Whether moving from permanent employment to contracting, reorganising business structures, or transitioning to retirement, an effective plan has the power to potentially save you substantial future tax payments.

How we work with you

Our team of accountants invest the time to get to know you, your business and what you want out of life in the future. We take holistic approach to all facets of your life and presents creative, out of the box solutions to give you a financial edge.
If you also work with Financial Spectrum’s financial advisors, we streamline your financial management, making it both more straightforward and cost-effective. By strategically navigating the tax landscape, we can help you retain more of your hard-earned money and grow your wealth.

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Brenton is a smart, savvy and friendly advisor who has worked closely with me to understand my financial drivers and aspirations, and to create a whole new financial trajectory for my future during the past three years.

Alison, Sydney

The team at Financial Spectrum have been a huge help to my wife and I. Our planner has given really helpful advice including the development of a SMSF. We feel like he has taken considerable time to understand our unusual circumstances and has tailored to them. We feel understood, significantly...

Chris and Kerry, Sydney

We have been working with Spectrum Financials for a number of years. As a young couple thinking about marriage and starting a family were wanting some guidance for long term planning. After researching a number of financial advisors we decided to go with Brenton and his team due to their...

Duncan and Rebecca, Sydney

Financial Spectrum never tried to sell me something. They asked me the right questions; they listened; and they’ve educated me. Now they’re where I send my friends and colleagues who need financial advice they can trust.

Emma, Sydney

Brenton Tong from Financial Spectrum is one of the most passionate of financial planners I have met through my accounting network. Brenton’s knowledge on markets, property, superannuation and the world economy is amazing which gives me the greatest confidence in referring my client to Brenton for wealth creation strategy and...

Rozalin, Sydney

Was sceptical at first but was extremely pleased with every part of my experience. All the staff were friendly and helpful especially Hanna. The planner, Brenton was very knowledgeable and made everything easy for me with little finance knowledge able to understand. Highly recommend for everyone!

Michael, Sydney

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We were cruising and wanted help to take charge and make some big financial decisions. Financial Spectrum took care of the boring parts to get it down to the key decisions to make. And we knew their recommendations were impartial, which was really good.

Jessica, Sydney

I had the pleasure of meeting Greg from Financial Spectrum, who impressed me with his professionalism and attentive listening skills. He provided invaluable insights into the intricate web of financial decision-making, which ultimately enabled me to purchase my first home. I'm thrilled about the prospects of my future, and I...

Elisabeth, Sydney

Our Financial Planner seems to know everyone and have a fair grasp of everything financial. Having spoken with innumerable financial advisors over the years, he is the only one that we had confidence in. As well as being an expert in his field, he is also a great guy making...

Chris, Sydney

I can already see why you and your colleagues at Financial Spectrum have the customer reviews you do, and I imagine it only gets more impressive from here on out.

Heidi, Sydney

Brenton, Julie, Thomas and his team of experts have been my advisors for 3 years through both the growth of my business and how that relates to my personal financial position. I cannot recommend them enough. Brenton is a great listener and very creative thinker and has a way of...

Leigh, Sydney

After choosing Financial Spectrum as my financial adviser I have a better understanding of my financial situation. Their expertise and industry knowledge have equipped me to develop clear goals and a step-by-step plan to achieve them. It was daunting with the complexities of my trust and company structure, but Financial...

Jake, NSW

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Frequently asked questions

Will using a tax accountant help me get a larger tax refund?

Absolutely. Tax rules can be intricate, and there are often deductions you might not be aware of. For example, certain job-related expenses or investments can be tax-deductible. A tax accountant specialises in these details. They know the ins and outs of deductions and credits, working to maximise your return. With their expertise, they uncover hidden expenses and tailor your claim to your situation, potentially resulting in thousands more back in your pocket.

How can I minimise tax on cryptocurrency?

The ATO has an eye on cryptocurrency investors so it’s worth seeking an accountant to get advice on structure, e.g. whose name you should invest in, what structure you should invest in, and whether you use savings or borrow to invest. The long-term tax difference between the various options can result in thousands (or millions) in taxes.

Can I lodge my tax return later if I use an accountant?

With an accountant, your lodgement deadline extends, aiding cash flow. Self-lodgers face an October 31 deadline, but with an accountant, you usually have until May 15. Late tax returns attract penalties. The ATO may issue a formal default assessment warning letter, which will likely make you worse off as it will not include most of the deductions you’re entitled to.

Will using a tax accountant prevent me from getting audited by the ATO?

Doing your own tax return means full responsibility. Even small mistakes expose you to fines, penalties and interest if you get audited. A tax accountant can not only help you get a larger tax refund but also offers peace of mind. A professional tax accountant ensures accurate compliance with tax laws, granting you reassurance if you’re audited.

What can you do to avoid a tax audit?

One of the simplest ways to avoid an ATO audit, or to ensure everything goes smoothly if you are audited, is to use a tax accountant. It’s a tax accountant’s job to know what you can and can’t claim, complete the forms and advise you accordingly. While they guide you, it’s still up to you to provide accurate details, including transparent deductions and complete income declaration.